Granted, you may be farming out management when scaled up, but the insights you gain from managing a couple of units could help you oversee management and have some insights in the ownership process (such as CAP EX, Tenant Quality, Turn Around Procedures, Policies, etc). 

What have you done to begin your journey in educating yourself to learn the procedures, habits, and pitfalls to avoid in your new found real estate business?

Features include:Sale by Owner of Record: Only the owner of record may sell a home to an individual who will obtain FHA mortgage insurance for the loan; it may not involve any sale or assignment of the sales contract, a procedure often observed when the homebuyer is determined to have been a victim of predatory practices.Time Restrictions on Re-sales:Re-sales occurring 90 days or less following acquisition will not be eligible for a mortgage to be insured by FHA.

@Jynell BerkshireBeing from Los Angeles this is standard operating procedure.

I'll be more careful with my wording next time.Do you write all the system and procedures in a word file or excel?

@Bruce Weyer Your procedures as far as accruing your property tax and creating a bank sub-account for your reserve are perfectly fine since it serves your purpose without skewing the numbers. 

Oviously we need an attorney for this.Here's our procedure list so far.

This is correct procedure.

So I guess my question is...If a tenant contacts you with accidental damage they caused- what's your procedure?

Quiet Titles are filed in the Court of common Pleas, and while you can technically do it yourself, there are procedures and local rules that have to be complied with.